Owners are not required to test the property for radon, but if a landlord tests and learns of such a hazard, then a landlord must reveal it to future tenants. If a tenant informs the owner of a positive radon test, the landlord is legally required to disclose such a risk to future tenants and all others in the rental unit. (420 ILCS 46) Shared Meters (3765 ILCS 740) – If the distribution meter linked to the tenant`s rental unit is divided, the landlord must provide the exact formula for calculating the invoice. Leases in Illinois allow a landlord and tenant to engage in a written document on the rental of a property, following the rights of each party (see guide). Parties have the option to choose from one (1) of four (4) types of agreements ranging from commercial space lease agreements to one (1) most commonly applied annual standard contract. In addition to verifying their tenants by using a rental application prior to signing a mandatory legal agreement, it is generally recommended that landlords require a deposit to cover any property damage. Interest (765 ILCS 715) – If the lessor owns more than twenty-five (25) rental units, they will be required to place the deposit in an interest account to be at least the interest rate in the State of Illinois on December 31 of last year. A sublease contract from Illinois is typical of people who want to reduce monthly rental fees and share their rent and accommodation with another person (called “Sublessee”). However, it may also be agreed that the subtenant rents the entire space to the original tenant (called “Unterloser”). It is recommended that the sub-lot inform the owner of the new unterlessee on the land, in order to avoid confusion and to ensure that the main lease remains valid….
Illinois leases for residential and commercial real estate are located between a landlord and a tenant for the use of land for rent. The tenant should first consult the space and, in case of interest, request the presentation of the credit and background data on the rent application. Once the landlord has verified his registration information and the individual (s) has been approved, negotiations on rent, sureties and other conditions must be negotiated. As soon as a rental agreement has been established and signed by the landlord and tenant, it becomes a legal document on which each party has the terms. Sublease Contract – Functions as an ancillary agreement that can be used if a current tenant wishes to lease the property to a subtenant for a specified period (this is only possible if the original lease authorizes this action). Illinois Association of Realtors Residential Lease Agreement – A document that must be used in place of the standard housing agreement, the form is usually used by professional real estate agents to register a leasing transaction. This form is not compatible for the use of rental properties in the City of Chicago. Rental application – Papers for those who have provided the rental of a property for rent. The form must be supplemented with information relevant to the identity and qualification of the applicant for verification by the owner of the premises.
Lease to Own Agreement – This type of contract works like your typical lease, but also offers the additional opportunity to acquire the property at some point during the lease term. The rent must be paid to the landlord at the time and place of the rental agreement.